TransUnion CIBIL Limited (Formerly known as Credit Information Bureau (India) Limited) is India’s first Credit Information Company (CIC) or credit bureau that maintains the credit-related records of millions in the country. Just like other three renowned credit bureaus named as Experian, Equifax and CRIF High Mark – TransUnion CIBIL also calculates and generates credit scores for individuals and credit ranks for companies, businesses and organizations. The CIBIL score is generated on the basis of the consumer’s credit information that is provided by various lending partners on a monthly basis.
Basics of CIBIL Score and its Importance
CIBIL score is a 3 digit numeric representation of your creditworthiness and repayment history based on your past credit behaviour. There is no minimum CIBIL score criteria to avail loans or credit cards, as defined by the lenders. Any CIBIL score of 750 or above and as close to 900 shall depict you as a credit responsible borrower. Hence, it shall help you in availing loans at comparatively lower interest rates. Maintain a high CIBIL score to avail several borrowing benefits from financial institutions, such as higher negotiation power, instant loan approval, competitive interest rates, higher loan amount, longer repayment period, and much more.
Know How to Check Your Free CIBIL Report Online
As directed by the RBI, you can check and download your credit report once per year for free from each credit bureau. For the next download, you shall need to pay the charges and opt for a subscription plan. Specifically, to get your credit report from CIBIL, you need to select one of its subscription plans that include the following:
- Basic Plan – 1 month for Rs. 550
- Standard Plan – 6 months for Rs. 800
- Premium Plan – 12 months for Rs. 1200
Further, let us find out the ways to check your CIBIL report online and download it for free. Follow the below mentioned steps to check your CIBIL report online:
For New Customers
Step 1: Visit the official website of TransUnion CIBIL and select the ‘Personal’ Tab on top to further click on ‘Get Free CIBIL Score & Report’
Step 2: Create your account by filling in basic information, such as your full name, date of birth, mobile number, PIN code, email address & create password, ID type, ID number and click on ‘Accept & Continue’
Step 3: Verify your details* by authenticating the OTP from your registered mobile number and click on ‘’Continue’’
Step 4: Select ‘Go to Dashboard’ to check your CIBIL score and download your Free CIBIL report online at myscore.cibil.com
*Make sure to provide all the correct details pertaining to your past and existing loans and credit cards. As on the basis of the provided information, your CIBIL score and report shall be generated. Any mismatched information shall lead to faulty/incorrect or even NO CIBIL report.
For Existing Customers
Step 1: Visit the CIBIL’s official website and Select the ‘Personal Tab’ to further click on ‘’Member Login’’
Step 2: Login by entering your User Name and Password
Step 3: You will be redirected to myscore.cibil.com for you to check your CIBIL score
Note: Checking your CIBIL score regularly or downloading your CIBIL report does not lower your credit score. Your credit score is only impacted when a lending bank or NBFC requests for your credit report from the credit bureau.
Key Takeaways:
Do remember that banks always check your CIBIL score before any credit approval. Banks and NBFCs submit your financial history to credit bureaus on a regular basis to later check your credit score. It is recommended to monitor your CIBIL score regularly to check for errors and resolve them at the earliest to avoid any dip in your credit score. Most of the credit applications are rejected because of the low or poor credit score. So, do not wait to check your CIBIL score and download your CIBIL report online for free and receive monthly updates and start building and improving your CIBIL score.
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